Retirement plan

PALMETTO GOODWILL 401(K) PLAN

Name: PALMETTO GOODWILL - PALMETTO GOODWILL 401(K) PLAN (2024) Form 5500
Creator: PALMETTO GOODWILL
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, PALMETTO GOODWILL 401(K) PLAN, PALMETTO GOODWILL

PALMETTO GOODWILLEIN 47-4183942Plan #005PY 2024

2150 EAGLE DR. BUILDING 100 - NORTH CHARLESTON, SC 29406843-377-2842palmettogoodwill.orgLinkedIn1001-5000 employeesnon-profit organization management

Other plans on this EIN

1 filing

#006Retirement-$532K assets

Prospect flagsLow returnsLow participationLow assets / participantLow participant contribution

Top hat statement on fileNQDC

Filed January 30, 2017

Plan administrator

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2150 Eagle Dr., Building 100

North Charleston State: SC Zip Code: 29406

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Plans declared (1)

Palmetto Goodwill 457(b) Plan22 emp

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Total assets (EOY)

$10.2M

+15.4% from 2023

Total participants

1,443

-13.6% from 2023

Average account balance

$10,951

+3.3% from 2023

Annual return

9.37%

-2.56 pp from 2023

Benchmarks

See 1,429 peers

Peer group

Industry62 - Health Care and Social Assistance

Plan typeDefined contribution

Participants1,000-4,999

Cohort1,429 peers

Snapshot2024

Free accounts unlock saves, downloads, and 3-year history.

Analytics

Total assets (EOY)

Plan-year ending balance

$10.16M

Not enough data

1 years with asset history on file

Average account balance

Total assets / participants with a balance (line 6g)

$11K

Not enough data

1 years with per-participant data

Participants with account balance

Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.

928

Not enough data

1 years with headcount on file

Eligible Participants and Participation

Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.

55.3%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$1.43M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$1K

Not enough data

1 years with per-participant contribution data

Asset flow

BOY + contributions + return - distributions = EOY

Year

Annual return

Diverging bars; negative years highlighted

+9.37%

Not enough data

1 years with return on file

Admin fee / account holder

Total admin expenses / participants with a balance (line 6g)

$70

Not enough data

1 years with admin cost on file

Asset composition

Cash / stocks / bonds / mutual funds / real estate / loans over time

Not enough data

1 years with F_SCH_H allocation on file

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Service providers

Top 6 by compensation

Provider	Service type	Compensation
GREAT-WEST LIFE & ANNUITY INSURANCE3 years Filed as: EMPOWER ANNUITY INS CO OF AMERICA Service code 64 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Recordkeeping Fees	$43,042
LPL FINANCIAL2 years Filed as: LPL FINANCIAL LLC Service code 55 PO BOX 509026 · SAN DIEGO, CA 921509026	Other Commissions	$23,205
MY BENEFITS, LLC8+ years Filed as: MY BENEFITS LLC Service code 13 · EIN 45-2098380 PO BOX 745680 · ATLANTA, GA 303745680	Contract Administrator	$13,231
PALMETTO,MOLLO,MOLINARO&PASSARELLO1 year Filed as: PALMETTO GOODWILL SERVICES Service code 99 2150 EAGLE DR. · CHARLESTON, SC 29406	Other Fees	$5,419
MY BENEFITS, LLC5 years Service code 13	Contract Administrator	$4,539
GREAT-WEST LIFE & ANNUITY INSURANCE2 years Filed as: EMPOWER ADVISORY GROUP, LLC Service code 28 8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111	Investment Management	$1,382

Plan features & details

Pension benefit codes2E2J2K2F2G3D

Plan features

2E
Profit-sharing
Profit-sharing plan.
2F
ERISA section 404(c) plan
This plan or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1 (shifting investment responsibility to participants).
2G
Total participant-directed account plan
Participants have the opportunity to direct the investment of all of the assets allocated to their individual accounts regardless of whether 29 CFR 2550.404c-1 is intended to be met.
2J
Code section 401(k) feature
Cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan under which employees may elect to defer part of their compensation or receive these amounts in cash.
2K
Code section 401(m) arrangement
Employee contributions are allocated to separate accounts under the plan or employer contributions are based in whole or in part on employee deferrals or contributions to the plan. Not applicable to 401(k) plans with only QNECs and/or QMACs or to 403(b)(1) 403(b)(7) or 408 arrangements.
3D
Pre-approved pension plan
A master prototype or volume submitter plan that is the subject of a favorable opinion or advisory letter from the IRS.

Opportunity flags

4 tripped

OpportunityLow participation
Participation rate is below 70% (account-balance holders / active employees) - enrollment or auto-enroll opportunity.
OpportunityLow participant contribution
Participant contribution per participant is in the bottom quintile of the peer cohort.
OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.
OpportunityLow assets / participant
Assets per participant are in the bottom quintile of the peer cohort - savings-rate / match opportunity.

Expense breakdown

Schedule H Part II

Admin total

$65K

$56 / participant

Contract admin$65K100.0%

% of EOY assets

0.638%

all-in expense ratio

Categories reported

1 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: ELLIOTT DAVIS, LLC
Auditor EIN: 570381582
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$10,951

$53,204-79.4%

$155,556-93.0%

$200,096-94.5%

Participation rate

55.3%

64.1%-8.8pp

78.2%-22.9pp

72.0%-16.7pp

Annual return

9.37%

41.02%-31.7pp

64.84%-55.5pp

34.26%-24.9pp

Employer contribution / active EE

$704

$1,850-61.9%

$4,675-84.9%

$3,038-76.8%

Participant deferral / active EE

$537

$3,163-83.0%

$5,631-90.5%

$5,090-89.5%

Admin fee / account holder

$70

$186-62.4%

$15,885-99.6%

$269-74.0%

Provider

Service type

Compensation

GREAT-WEST LIFE & ANNUITY INSURANCE3 years

Filed as: EMPOWER ANNUITY INS CO OF AMERICA

Service code 64

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Recordkeeping Fees

$43,042

LPL FINANCIAL2 years

Filed as: LPL FINANCIAL LLC

Service code 55

PO BOX 509026 · SAN DIEGO, CA 921509026

Other Commissions

$23,205

MY BENEFITS, LLC8+ years

Filed as: MY BENEFITS LLC

Service code 13 · EIN 45-2098380

PO BOX 745680 · ATLANTA, GA 303745680

Contract Administrator

$13,231

PALMETTO,MOLLO,MOLINARO&PASSARELLO1 year

Filed as: PALMETTO GOODWILL SERVICES

Service code 99

2150 EAGLE DR. · CHARLESTON, SC 29406

Other Fees

$5,419

MY BENEFITS, LLC5 years

Service code 13

Contract Administrator

$4,539

GREAT-WEST LIFE & ANNUITY INSURANCE2 years

Filed as: EMPOWER ADVISORY GROUP, LLC

Service code 28

8515 EAST ORCHARD ROAD · GREENWOOD VILLAGE, CO 80111

Investment Management

$1,382

PALMETTO GOODWILL 401(K) PLAN

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

PALMETTO GOODWILL 401(K) PLAN

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion